Can You Trade In a Financed Car?

Excited Couple Reviewing Trade in Offer with Salesman

 

Can you trade in a financed car? Yes, but there are some things to keep in mind when trading in a financed car in the area. The process requires a little research, and luckily, Jackson Family of Dealerships is here to help. Wondering how does trading in a financed car work? We’ve got you covered, learn everything you need to know about the financing process, and stop by Decatur to trade in a financed car for a lease today!

How Does Trading in a Financed Car Work?

Trading in a financed car involves some basic math. The price of your trade-in will influence the price of your next car, so you’ll need to gather some information. Let’s find out the answer to, “How does trading in a financed car work?” below:

  • An important step when trading in a financed car is figuring out how much you owe on your loan. You can check your last bill or call the lender to find out.
  • How much is your current car worth? You can utilize our Value Your Trade calculator to get a quick estimate for the area.
  • If the amount that you owe on your loan is less than the value of your car, you’re in a fortunate spot. Let’s say you owe $4,000 on your car and the dealership offers you $5,000. That means you get $1,000 to spend toward your new car.
  • If the amount that you owe on the loan is more than the value of your car, you have options. You can pay off the loan or you can roll it over.

What is Rolling Over a Loan?

When you roll over a loan, it means that the dealership will pay the rest of your loan, no matter how much you owe. However, there’s a catch. Though the dealership pays off your lender, you still have to pay the dealership back. That means you will end up paying both the old loan and your new loan when you purchase your new vehicle. Nevertheless, you do get the added convenience of getting the car you want immediately to tackle your travels.

Find Out More with Jackson Family of Dealerships

Now that you know the answer to, “Can you trade in a financed car?” Are you ready to trade in a financed car for lease or loan at Jackson Family of Dealerships? Our financing experts are ready to help. Contact us today at Jackson Family of Dealerships for more information about your options, or stop by one of our locations to meet with our financial experts.

We can help you find the right car at the right price to tackle your Decatur adventures, and you can even shop our inventory online! We look forward to helping you trade in your financed car for a lease or loan.

More from Jackson Family of Dealerships

  • When is Ford Truck Month?

    If you are a loyal Ford owner who is thinking of upgrading to a new Ford truck, you will know that you should wait until Ford Truck Month for some of the biggest sales. So what month is truck month? It’s usually during February and March, so if you can wait, you should wait until…

  • What are the 2021 Ford F-150 Bed Sizes?

      When it comes to pickup truck bed sizes available to drivers, there’s often a few options to pick from – all serving the needs of different prospective truck owner’s driving and storage needs. Shorter truck beds accommodate more cabin space, where a longer truck bed usually sacrifices cab space for bed storage. This…

  • 2021 Ford Bronco Towing Capacity

      The impressively engineered throwback that is the 2021 Ford Bronco has plenty of goodies to help leave a lasting impression on drivers. No matter your purpose, the new Bronco seems to do it just right. That being said, we’ll be taking the time in this quick guide to discuss the new Ford Bronco…

Saved Vehicles

SAVED VEHICLES

You don't have any saved vehicles!

Look for this link on your favorites:

Save

Once you've saved some vehicles, you can view them here at any time.

Contact Us

455 E. Pershing Road • Decatur, IL 62526

Get Directions
Jackson Family of Dealerships 39.876491, -88.951453.